ntire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $95,000 and contributed $5,800 of it to a qualified retirement account (a for AGI deduction). She also received $14,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,900 of expenditures that qualified as itemized deductions, including a $1,000 donation to United Way (a public charity). Assume the nonitemizer charitable contribution deduction is extended to 2022. (Use the tax rate sche

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $95,000 and contributed $5,800 of it to a qualified retirement account (a for AGI deduction). She also received $14,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,900 of expenditures that qualified as itemized deductions, including a $1,000 donation to United Way (a public charity). Assume the nonitemizer charitable contribution deduction is extended to 2022. (Use the tax rate schedules and 2022 rules.)

 

c. Assume the original facts but now suppose Camille's daughter, Kaly, is 25 years old and a full-time student. Kaly's gross income for the year was $6,900. Kaly provided $4,140 of her own support, and Camille provided $6,900 of support. What is Camille's taxable income?

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